债券代码：127088 债券简称：赫达转债 证券代码：002810 证券简称：山东赫达 公告编号：2025-075 山东赫达集团股份有限公司 关于实施 2025 年中期利润分配后调整回购股份 价格上限的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 2、回购股份的价格区间 本次回购股份的价格不超过人民币 18.00 元/股（含），未超过公 司董事会通过回购决议前三十个交易日公司股票交易均价的 150%。 具体回购价格将根据在回购实施期间公司二级市场股票价格、财务状 况及经营情况确定。 一、回购股份方案概述 1、回购股份方案基本情况 山东赫达集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第九届董事会第二十一次会议，审议通过了《关于回购公 司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回 购公司部分已发行的人民币普通股（A 股）股票，回购股份全部用于 转换上市公司发行的可转换为股票的公司债券。本次回购资金总额不 低于人民币 5,000 万元（含），不超过人民币 10,000 万元，回购价格 不超过人民币 18.00 元 ...

证券代码：002810 证券简称：山东赫达 公告编号：2025-074 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于可转债转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：002810 证券简称：山东赫达 4、调整后"赫达转债"转股价格：16.75 元/股 5、转股价格调整生效日期：2025 年 9 月 17 日 一、关于"赫达转债"转股价格调整的相关规定 2、债券代码：127088 债券简称：赫达转债 3、调整前"赫达转债"转股价格：16.85 元/股 经中国证券监督管理委员会"证监许可【2023】1099 号"批复，山 东赫达集团股份有限公司（以下简称"公司"）于 2023 年 7 月 3 日公 开发行了 600.00 万张可转换公司债券（债券简称：赫达转债，债券 代码：127088），每张面值 100 元，发行总额 60,000.00 万元。 根据《深圳证券交易所上市公司自律监管指引第 15 号——可转 换公司债券》（以下简称"《自律监管指引》"）、《山东赫达集团股份 有限公司向不 ...

证券代码：002810 证券简称：山东赫达 公告编号：2025-073 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于 2025 年中期分红派息实施公告 1、公司 2024 年年度股东大会授权董事会制定中期分红方案。 本次实施的利润分配方案属于股东大会对董事会授权范围内事项，无 需提交股东大会审议。 2、公司 2025 年中期利润分配方案为：以截至 2025 年 6 月 30 日 的公司总股本 348,136,913 股，扣除回购专户上已回购股份 1,687,700 证券代码：002810 证券简称：山东赫达 公告编号：2025-073 债券代码：127088 债券简称：赫达转债 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、山东赫达集团股份有限公司（以下简称"公司"）回购专用证 券账户持有的 1,777,102 股公司股份不参与本次利润分配。公司 2025 年中期利润分配方案为：以公司现有总股本 348,136,913 股剔除已回 购股份 1,777,102 股后的 346,359,811 股为基数，向全体股东每 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The Hedda Convertible Bond (127088.SZ) is a high - quality balanced bond with the issuer's performance and valuation at a low level. The company has excellent fundamentals, and its performance and valuation are at historical lows. The bond has a long remaining term [1][4] - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged, without considering forced redemption and downward revision, the reasonable valuation of the Hedda Convertible Bond is between 124 and 132 yuan [5] Summary by Relevant Catalogs Information about the Convertible Bond - The Hedda Convertible Bond has a rating of AA - a bond balance of 600 million yuan, accounting for 99.97% of the total issuance. The remaining term is 3.82 years. The latest closing price is 122.79 yuan, the conversion premium rate is 50.15%, and the pure bond premium rate is 14.83% [1] Information about the Underlying Stock - The underlying stock is Shandong Hedda (002810.SZ), established in 1992. Its main products are cellulose ether and plant capsules, and its business covers more than 100 countries and regions. The latest total market value is 4.797 billion yuan, and the 2025E PE is 26.3x. The actual controller is an individual, and the largest shareholder and persons acting in concert hold a total of 39.87% of the shares. The attributable net profit in H125 decreased by 8.71% year - on - year [2] Main Highlights of the Hedda Convertible Bond - The company has been deeply involved in the cellulose ether industry for nearly 30 years. Cellulose ether has many advantages. The company's products cover more than 70 categories and more than 100 models, with rich structure and leading technology. By the end of H125, its wholly - owned subsidiary Zhongfu Hedda had a production capacity of 10,000 MT and was one of the largest HEC manufacturers in China [3] - The company has extended its industrial chain to the downstream plant capsule industry. Compared with gelatin capsules, plant capsules have many advantages and are mainly used in the steadily growing health product industry. By the end of H125, the company's effective production capacity was 30 billion capsules, with a capacity utilization rate of about 60%. The US factory with a planned capacity of 20 billion capsules is under construction and is expected to be put into production in the middle of next year [4] - The company has a high proportion of overseas revenue. In 2024, the export proportions of building - grade, pharmaceutical and food - grade cellulose ether, and plant capsules were 56.4%, 57.3%, and 88.2% respectively. In 2025, the US imposed anti - dumping duties on some of the company's products, affecting orders and increasing raw material costs. Currently, the company is actively responding, and the unreasonable factors may ease in Q4, when the performance is expected to turn around [4]

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is set to implement a mid-term equity distribution in 2025, which will affect the conversion of its convertible bonds during a specified period [2][5]. Group 1 - The convertible bonds (code: 127088, name: Heda Convertible Bonds) will have a suspension of conversion from September 9, 2025, until the first trading day after the mid-term equity distribution registration date [2][3]. - The adjustment of the conversion price will be based on specific formulas outlined in the company's prospectus, depending on various corporate actions such as stock dividends, capital increases, and cash dividends [5][6]. - The company will ensure that any changes in share capital or shareholder equity will be handled fairly and transparently, protecting the rights of convertible bondholders [7].

2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 杨丽蓉 S0350524090008 | | | yanglr@ghzq.com.cn | [Table_Title] 2025Q2 业绩环比改善，美国基地有序推进 ——山东赫达（002810）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 山东赫达 | 1.0% | 20.7% | 16.0% | | 沪深 300 | 8.7% | 15.0% | 36.9% | | 市场数据 | | | 2025/09/05 | | 当前价格（元） | | | 13.78 | | 52 周价格区间（元） | | | 1 ...

证券代码：002810 证券简称：山东赫达 公告编号： 2025-072 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于实施权益分派期间"赫达转债"暂停转股 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 2、债券代码：127088 债券简称：赫达转债 3、转股期限：2024 年 1 月 8 日至 2029 年 7 月 2 日 4、暂停转股日期：2025 年 9 月 9 日至 2025 年中期权益分派 登记日 5、恢复转股时间：公司 2025 年中期权益分派股权登记日后的 第一个交易日 鉴于山东赫达集团股份有限公司（以下简称"公司"）将于近日 实施 2025 年中期权益分派，根据《山东赫达集团股份有限公司向 不特定对象发行可转换公司债券募集说明书》中"转股价格的调整 方式及计算公式"条款（详见附件）的规定，自 2025 年 9 月 9 日 起至本次权益分派股权登记日止，公司可转换公司债券（债券简称： 赫达转债；债券代码：127088）将暂停转股，本次权益分派股权登 记日后的第一个交易日起恢复转股。 在上述期间，公 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Core Viewpoint - The company has initiated a share repurchase plan to buy back its own shares using its own funds, with the aim of converting these shares into convertible bonds issued by the company [2]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan on April 15, 2025, with a total repurchase amount between RMB 50 million and RMB 100 million, and a maximum repurchase price of RMB 18.00 per share [2]. - The repurchase period is set for 12 months from the date of board approval [2]. - As of August 29, 2025, the company has repurchased a total of 1,777,700 shares, accounting for approximately 0.5106% of the total share capital, with a total transaction amount of RMB 21,130,571 [2]. Group 2: Compliance and Regulations - The share repurchase complies with relevant laws and regulations, as well as the company's established repurchase plan [3]. - The company has adhered to the Shenzhen Stock Exchange's guidelines regarding the timing and conditions for share repurchase [4][5]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [6].

证券日报网讯 9月1日晚间，山东赫达发布公告称，公司自2025年5月16日至8月29日期间，通过集中竞 价交易方式累计回购公司股份1，777，700股，约占公司总股本的0.5106%。 （文章来源：证券日报） ...